FHA close to running out of reserves: report

WASHINGTON (MarketWatch) -- The Federal Housing Administration is expected to report later this week that it could exhaust its reserves because of rising mortgage delinquencies, The Wall Street Journal reported, citing people familiar with the matter. That could result in the agency needing to draw on taxpayer funding for the first time in its 78-year history, the report said. The decision won't be made until February, and Congress would not need to authorize any funding because it has "permanent and indefinite" budget authority, the report added.

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